Revenue up in August, monthly report says

LITTLE ROCK — Arkansas tax collections were up 1.5 percent above forecast in August and 5.1 percent above collections a year ago, according to the monthly state revenue report released Wednesday.

The increases were boosted by one-time sales tax audit payments and better-than-expected corporate income tax collections, the report said. Weakness in individual income tax collections partially offset the increases, but it will take a few months before it can be determined whether the weakness is part of a trend or a temporary payroll timing issue.

The report also said smaller revenue sources — tobacco and gaming — also exceeded the monthly forecast.

State Department of Finance and Administration Deputy Director Tim Leathers said the report was a good one.

"Overall … year to date we’re almost right on forecast," he said. "We’re just about on track for the two months."

August sales tax collections were $7.5 million or 4 percent above the monthly forecast and $16.5 million or 9.3 percent above last year.

Individual income tax collections in August totaled $189.9 million, $7 million or 3.6 percent below the forecast and $100,00 or .1 percent above last year.

Corporate income tax collections totaled $5.9 million in August, up $2.1 million or 56.1 percent above forecast and $2.2 million above last year.